Ironically, this was from a friend who retired to Mexico but believes the US should have open borders for Mexicans wanting to come to the US.
If you plan to live, work, or retire in Mexico, Mexican Immigration Law stipulates that applicants for residency must fulfill certain criteria, including financial criteria. The financial criteria are intended to ensure that people applying for residency have the means to sustain themselves in Mexico.
The financial criteria required to live in Mexico vary depending on:
- What type of visa you apply for
- Whether you have any assets in Mexico (e.g. own a home here)
- Whether you have certain kinds of family ties in Mexico
By way of an example, if you’re a retiree and intend to apply for temporary residency in Mexico, the law stipulates that you need to demonstrate an income per month over the past six months derived from foreign sources (e.g. pension, investments) of at least 300 days’ worth of minimum wage (approximately US$1,300*) or have a savings balance equivalent to at least 5,000 days’ worth of minimum wage (approximately US$21,000*) over the past 12 months. If you intend to apply for permanent residency you will need to demonstrate an income per month over the past six months of at least least 500 days’ worth of minimum wage (approximately US$2,100*) or have savings equivalent amounting to 20,000 days’ worth of minimum wage (approximately US$85,000*) over the past 12 months.
Most people who apply for residency need to make their application from outside of Mexico. In a small few situations, it’s possible to exchange a Visitor’s permit for a resident permit in-country, but most people apply through a Mexican Consulate abroad.
Mexican Immigration Law stipulates the minimum income or savings requirements in Mexican pesos; however, Mexican Consulates express the required amounts in the local currency of the country where they are based, and the income or savings they ask to see may or may not reflect the current market exchange rates in relation to the amount required in Mexican pesos. This can cause variations in the specific amounts asked for, and it’s not uncommon for consulates’ requirements to vary from one another.
If your income or savings balance is near the cusp of qualification, we recommend you contact your nearest Mexican Consulate to determine how it’s currently applying the rules regarding financial criteria for residency applications. Every application is dealt with individually and the Consulate retains discretion on acceptance or denial of your residency application on a per-case basis.
No leaches upon their government and citizens are allowed but for some reason Mexico believes we should allow it here.